This paper introduces the penalty function in the profit function of commercial banks to analyze the influence of external supervision and monetary policy on the liquidity creation ability of commercial banks. And it uses the data of 112 Chinese commercial banks from 2010 to 2016 in the Bankscope database to conduct empirical research. The results show that：（1）in the financial environment where interest rate liberalization brings deposit diversion, the regulatory pressure of capital supervision and deposit-to-loan ratio force Chinese commercial banks to evade supervision, leading to decreased liquidity creation capacity. However, coverage regulation has little effect on liquidity creation;（2）easy monetary policy stimulates bank liquidity creation, but external regulations weaken the positive influence on bank credit;（3）comparing to state-owned banks and joint-stock banks, local commercial banks and foreign banks are more sensitive to external regulation including capital requirement regulation and deposit-to-loan regulation.
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